Healthcare ERP Market Size, Share & Trends Analysis Report By Function (Finance And Billing, Inventory And Material Management), By Deployment (On-premises, Cloud), By Region, And Segment Forecasts, 2021 - 2028
New York, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Healthcare ERP Market Size, Share & Trends Analysis Report By Function, By Deployment, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06187939/?utm_source=GNW
Healthcare ERP Market Growth & Trends
The global healthcare ERP market size is expected to reach USD 10.3 billion by 2028. It is expected to expand at a CAGR of 6.6% from 2021 to 2028. Healthcare organizations are under pressure to adopt technological solutions to curb the rising expenditures, ineffective hospital service management, rising workforce shortage, and growing patient population. The rising awareness regarding benefits associated with adopting ERP systems, such as high-quality care delivery solutions, eliminating back-end manual activities, and minimizing operational expenses, contribute to the healthcare enterprise resource planning market growth.
The growing demand for ERP systems from small and medium businesses to enhance business processes and outcomes are driving the market.Seamless access to centralized data from remote locations improves the functioning and data management of the organization.
The COVID-19 pandemic exposed the shortcomings of the existing systems adopted by healthcare organizations. During the pandemic, several businesses began adopting ERP systems to automate and digitalize their business processes and streamline their workflows to enhance their productivity and efficiency.
The finance and billing function segment dominated the market in 2020 owing to the growing need to amalgamate the front-end revenue cycle management processes, such as patient access, with back-end activities such as claims management.The inventory and material management segment is expected to grow significantly over the forecast period due to the feature of real-time access to manufacturing and supply chain management.
The on-premises deployment segment dominated the market in 2020 due to minimizing costs and ease of access. The cloud deployment segment is expected to grow lucratively over the forecast period owing to the growth of cloud computing and improved accessibility of the internet.
North America dominated the market in 2020 due to rising adoption rates of advanced ERP systems and the emergence of AI-empowered solutions, coupled with infrastructure development. Asia Pacific is expected to register a significant growth rate over the forecast period owing to the emergence of start-ups providing AI-powered ERP systems, growing public and private partnerships to promote healthcare IT infrastructure, and availability of an economical high-skilled workforce.
Healthcare ERP Market Report Highlights
• The healthcare enterprise resource planning market growth can be attributed to the growing digitalization of business processes to streamline workflows
• In terms of function, the finance and billing segment dominated the market in 2020, owing to the need to lower barriers between front-end revenue cycle management processes and back-end activities
• The on-premises deployment segment dominated the market in 2020 owing to the ease-of-access and minimum maintenance cost of ERP solutions
• North America dominated the market in 2020 due to the rise in adoption of advanced ERP systems and the significant presence of market players
Read the full report: https://www.reportlinker.com/p06187939/?utm_source=GNW
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